The Swedish Energy Agency has granted CorPower Ocean a little over €8 million (SEK 85 million) to support the construction and testing of a full-scale device and subsequent wave energy park demonstration.
The demonstration wave energy park will feature three full-scale CorPower units, according to the Swedish Energy Agency.
The project, spanning until the end of 2023, is expected to bring about certified and insurable CorPower Ocean power plants ready for sale, the agency said.
A number of locations along the European Atlantic coast have been evaluated for the installation, with two sites remaining – Billia Croo in Scotland, and Aguçadoura in Portugal.
According to the agency, the selection will be completed before the summer of 2019.
Susanne Karlsson, Head of Energy Agency’s Sustainable Power Unit, said: “Marine energy has the potential to contribute to Swedish and European climate and environmental policy goals, but also drive economic growth and create new jobs in Sweden, making this a really exciting venture.”
Patrik Möller, CEO of CorPower, added: “The Energy Agency’s evaluation process with everything from technology validation to interviews with our customers confirms that CorPower has a globally leading position in wave power. With the investment agency’s investment, we now have an important foundation for commercializing our product.”
As reported earlier, CorPower half-scale wave energy converter, currently deployed for trials off Orkney Isles in Scotland, has been issued a performance statement by the European Marine Energy Centre (EMEC) following the dry testing of the device in Stockholm.
The design principle of CorPower’s wave energy device is inspired by the pumping principles of the human heart and offers five times more energy per ton of device compared to previously known technology, according to the company.
The device uses a power take-off (PTO) system that combines the high load capabilities from hydraulics with the efficiency of mechanical drive to produce power.